Chesapeake is one of several energy companies that have pulled back on drilling activity to cope with declining commodity prices.

Overall, the U.S. rig count has declined by more than 45% since peaking in September as energy prices have plunged. Natural gas prices have lost about 70% of their value since peaking on July 2 at $13.694 a million British thermal units.

McClendon said that the natural gas industry, particularly privately held natural gas producers, will have difficulty accessing credit markets and that the rig count is unlikely to snap back.

"We would be very surprised to see much of a rig count increase in 2010 and 2011, even with a healthy rebound in natural gas prices," McClendon said.